Evans Cycles reports losses of £5.2 million — director Adedotun Adegoke says management still believes the company 'performed strongly' and pointed to 'well-publicised supply chain issues' cycling
High street cycling retailer Evans Cycles' annual accounts show a pre-tax loss of £5.2 million in the latest signal of challenging times for the bike industry., show greater losses in 2021-22 compared with the £2.7 million of the year before. Evans also reported a 50 per cent drop in revenue from £91.6 million to £45.3 million, the company suggesting this is related to a restructuring following its purchase by Mike Ashley's Frasers Group in 2018.
"Management believes the company has performed strongly in the period even with the well-publicised supply chain issues with bicycles," he added, acknoweldging the problems the bike industry has struggled with since the pandemic. Evans' accounts show a cut to staffing numbers in the most recent financial year, from 829 to 490, aggregate remuneration dropping from £19.4 million to £9.3 million too. One thing that was on the rise, however, was store numbers, Evans increasing its offering from 48 to 57.
Overall, Frasers Group revenue was up 34 per cent from £2 billion to £2.6 billion in 2022 as it went from a £28 million loss to a £183 million profit.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kevin Bridges reveals reason for fights breaking out at Glasgow showsSpeaking on the Chris Evans Breakfast Show on Virgin Radio, he said: 'I have done gigs where you are about to start the closing routine and you…
Read more »
Police could be given new tools to stop e-bikes after third death of teen in a monthThe Home Office is ‘actively considering solutions to safely stop e-bikes’ after the deaths of Saul Cookson, Harvey Evans and Kyrees Sullivan, theipaper can reveal SteveRobson04 reports
Read more »
Watford's modern-day Viking warriorMark Evans salutes the qualities of Hornets legend Heidar Helguson as the Watford Observer again shares a story from previous issues of YBR! -…
Read more »
Xbox Game Studios chief says people need to realise games now take 4-6 years to make | VGCXbox Game Studios chief Matt Booty has said that modern games have development cycles of over half a decade in some cases, in an attempt to put to rest the fan expectation of new games every “two or three years.”
Read more »
Officers who followed two boys killed in crash given gross misconduct noticesTwo police officers have been served gross misconduct notices following the deaths of two boys in Cardiff. Kyrees Sullivan, 16, and Harvey Evans, 15, were riding an electric bike when they were involved in the collision.
Read more »
Police could be given new tools to stop e-bikes after third death of teen in a monthThe Home Office is ‘actively considering solutions to safely stop e-bikes’ after the deaths of Saul Cookson, Harvey Evans and Kyrees Sullivan, theipaper can reveal SteveRobson04 reports
Read more »